Ottawa, ON, Canada: Cornerstone Capital Resources Inc. (“Cornerstone” or “the Company”) (TSXV:CGP) (OTC:CTNXF) (FWB:GWN1) wishes to provide an update regarding progress of the Pre-Feasibility Study ("PFS") with respect to the Cascabel project in northern Ecuador.
Cornerstone has been informed by joint venture partner and project operator SolGold Plc that with the recent appointment of new SolGold CEO and Managing Director Darryl Cuzzubbo effective December 1, 2021, SolGold has determined to delay the release of the PFS. This will enable confirmation of various assumptions impacting the PFS, including whether what are currently considered as upside options should in fact be further evaluated and incorporated as part of the PFS base case so as to provide a more indicative and robust value of the Cascabel project. Upside options under review include earlier underground access, mine and mill optimizations, extending Cascabel Resources, hydroelectric power, among others, offering further optionality and potential for improved economics.
Subject to the determination on the above assumptions, the PFS is well progressed and SolGold anticipates that it will support its management’s expectations of a robust and prospective project.
An update on when the PFS is expected to be completed will be provided at the upcoming SolGold AGM on December 15th 2021.
Cornerstone Capital Resources Inc. is a mineral exploration company with a diversified portfolio of projects in Ecuador and Chile, including the Cascabel gold-enriched copper porphyry joint venture in northwest Ecuador. Cornerstone has a 20.8% direct and indirect interest in Cascabel comprised of (i) a direct 15% interest in the project financed through to completion of a feasibility study and repayable at Libor plus 2% out of 90% of its share of the earnings or dividends from an operation at Cascabel, plus (ii) an indirect interest comprised of 6.86% of the shares of joint venture partner and project operator SolGold Plc. Exploraciones Novomining S.A. (“ENSA”), an Ecuadoran company owned by SolGold and Cornerstone, holds 100% of the Cascabel concession. Subject to the satisfaction of certain conditions, including SolGold’s fully funding the project through to feasibility, SolGold Plc will own 85% of the equity of ENSA and Cornerstone will own the remaining 15% of ENSA.
Mario Drolet; Email: Mario@mi3.ca; Tel. (514) 904-1333
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On Behalf of the Board,
President and CEO
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